CC Warm-up
Includes currency, coins, bank notes, registered checks, traveler's checks and money orders held for sale.
Money
Insurance is predicated on the chance that something will happen, and a bond guarantees that something will or will not happen.
A replevin bond guarantees that if property in the possession of Party A is determined to belong to Party B and the court orders the property to be returned to Party B, Party A will do so. Party A would first have to obtain an attachment bond, also required by the court, in case the property was wrongfully repossessed.
It will also pay for a loss that occurred during the term of a previous policy, but was discovered during the term of the present policy.
Charged with the duty of protecting the property inside the premises. The property is in his/her care or custody and he/she has no other duties.
Requires signs of forcible entry or exit. For example, marks on the door, a broken lock, a broken window for the purpose of theft. Also includes a watch person who is forced to open locked premises.
How does coverage apply/when will a loss be covered under the Discovery Form?
Negotiable and nonnegotiable instruments or contracts representing either money or property and include:
Tokens, tickets, revenue and other stamps, evidences of debt, issues in connection with credit or debit and gift cards.
Requires forced stealing, a threat of or actual violence or injury
The commercial Crime form applies on a Per Loss basis only, regardless of the number of employees involved in the crime.
An insured, partners, employees or any authorized person that has custody of property outside the premises for delivery. In other words, a person making a deposit. A janitor or watch person is not considered to be one.
Defined as an imitation designed to deceive and be used in place of the original.
Covers loss of property from robbery, common-law or statutory larceny, theft, misplacement, mysterious unexplainable disappearance, being lost or made away with, or damage or destruction while the property is in transit anywhere in the custody of a natural person acting as a messenger, or in the custody of a transportation company
It is unknown how the loss occurred but the property is missing. Mysterious disappearance can include the presumption of theft.
Defined as any false writing with intent to defraud. The act of signing someone else's name with the intent to deceive, signing your own name with intent to deceive, in a place where it is not authorized to be or in place of an authorized signature.
Guarantees the project or work has been completed without any outstanding liens on the work created by the bidder, and are frequently included with Performance bonds